¶ … Role of Law in Business and Society
The functions and roles of law when it comes to business and society are not always understood by the lay person, but those functions are extremely important. The functions related to law and to the application of law are the backbone of how society and economies actually work, and will be reviewed and critiqued in this paper.
The Functions and Role of Law in Business
The law as it applies to business refers to a "…code of conduct that defines the behavioral boundaries for business activity," according to a generalization found in the book, The Legal Environment of Business (Meiners, et al., 2006). Though "law" is a term that is seen as abstract in some contexts -- and though there is no precise definition of law that carries over to many cultures -- the noted former Supreme Court Justice Oliver Wendell Homes put it this way: "Law is a statement of the circumstances, in which the public force is brought to bear…through the courts" (Meiners). The Justinian Code (adopted in Roman law in 533 A.D) asserted that the commandments of law include: "live honorably; harm nobody; give everyone his due" (Meiners).
Meanwhile, Professor Marianne Jennings explains that because businesses are operating in a global market, companies must understand the role of law in the countries where they operate. For example, U.S. firms doing business (with manufacturing plants) in South America must be aware of laws in those South American countries. In the same vein, Japanese firms building cars in the United States are obligated to understand the role of law in businesses operating in America....
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